MIN 02-03-20 - Laserfiche WebLink

Home Browse Search

F. The parties desire to place of record against Development.Site this Agreement and the agreed upon plan and schedule of development, including restrictions on use of the Development Site,with the intent that same shall be construed as covenants binding on the parties and their successors in interest, and benefitting and running with the land, enforceable by the parties hereto in accordance with the terms hereof. NOW, THEREFORE, in consideration of the foregoing and the mutual covenants, agreements, and considerations set forth herein and for other good and valuable consideration, the City and Developer hereby covenant and agree as follows: ARTICLE I DESCRIPTION OF THE PROJECT Developer shall construct, or cause to be constructed, a new multi-story mixed use office, rtAail and residential development to be known as One Lakewood :,lace on the Development Site, as more fully described in this Article I (the "Project"). The Project shall be generally consistent with the site plan attached hereto as Exhibit C (the"Sits: Plan") and include the hallowing components: Section 1.1 Office and Retail Components. The Projectwill include a minimum of a 100,000 square feet, combined, of office and retail space (the "Minimum Combined Commercial Component"), consisting of not less than 35,000 square feet of office space (the "Minimum Office Component") and 25,000 square feet of retail space (the "Minimum Retail Component"). Developer may convert up to 40,000 square feet of the Minimum Combined Commercial Component to residential use in response to market conditions,provided the Project still includes the Minimum Office Component and the Minimum Retail Component. The Minimum Retail Component shall reflect a mix of uses that is responsive to community demand and additive to the retail base in the City of Lakewood. In the event that Developer exercises its right to convert any square feet of the Minimum Combined Commercial Component under this Section 1.1, any decrease in the Minimum Combined Commercial Component as a result of such conversion shall (a) increase the minimum square feet of the Minimum Residential Component(as defined in Section 1.2) by an equal number of square feet, and (b) increase the minimum number of residential units by one (1)unit for each additional nine hundred fifty(950) square feet that the minimum square feet in the Minimum Residential Component increases. Section 1.2 Residential Component. The Project will include a minimum of the lesser of(a) 140 residential units and(b) 100,000 square feet of residential space (the"Minimum Residential Component"). Developer shall use commercially reasonable efforts to include the lesser of(i) 15 "for sale"units and(ii) 15,000 square feet of"for sale"residential space in the Minimum Residential Component. The Project's residential units shall be (x)reflective of current and anticipated market conditions, (y) respectful and sensitive to the scale and character of surrounding single family neighbors, and (z) responsive'to the changing dynamics of housing demand and availability within the City of Lakewood. If Developer elects to engage a controlling general partner in or assign sole management and control responsibility for the Minimum Residential Component to an unaffiliated third party(the"Unaffiliated Residential 2 4822-5376-7522,22